Pharmaceutical Bio Association "Welcomes Additional Designation of Bio as National Advanced Strategic Industry"

The Korea Pharmaceutical and Bio-Pharma Manufacturers Association (KPBMA) announced on the 30th that it "sincerely welcomes the government's declaration to establish a nationwide full-scale support system" following the designation of the bio industry as a national advanced strategic industry.

Korea Pharmaceutical and Bio-Pharma Manufacturers Association building. [Photo by Korea Pharmaceutical and Bio-Pharma Manufacturers Association]

Earlier, the government held the 2nd National Advanced Strategic Industry Committee meeting and on the 28th announced a basic plan for fostering and protecting the bio sector by adding it to the national advanced strategic industries. Previously, three industries?semiconductors, displays, and secondary batteries?were designated.

The government plans to designate 17 national advanced strategic technologies across these four advanced industries and ensure investments exceeding 550 trillion won by 2027. Alongside regulatory reforms such as licensing, it will provide customized support tailored to each industry. Prime Minister Han Duck-soo, who presided over the meeting, emphasized, "We will focus support on the four advanced industries, which are future growth engines and economic security assets, to leap forward as a global superpower and robustly protect economic security."

In response, the association stated, "The government's decision to add bio as a national advanced strategic industry and announce an active fostering and support plan is very encouraging as it positively reflects the long-standing demands of our pharmaceutical and bio industry." It added, "This clearly demonstrates the government's intention to intensively foster the pharmaceutical and bio industry as a core national strategic industry," emphasizing that "it signifies the recognition of the pharmaceutical and bio industry not only as the future of South Korea's economy but also as a strategic national security asset."

The association also explained the significance of the government's designation amid the growing importance of the pharmaceutical and bio industry. It said, "With domestic and international instability, repeated global public health crises, and the strengthening of nationalism, advanced technology and manufacturing capabilities have become crucial foundations that determine national security and the future." It evaluated, "The pharmaceutical and bio industry is a pillar protecting public health and a future growth engine for South Korea, making the government's decision highly meaningful."

Finally, the association expressed confidence that "this government decision will serve as a foundation to promote technological innovation and competitiveness among pharmaceutical and bio companies." It pledged, "The pharmaceutical and bio industry sector once again welcomes the addition of bio to the national advanced strategic industries and promises to make every effort to achieve the shared goal of becoming a global powerhouse, using the government's active commitment to fostering the pharmaceutical and bio industry as a driving force."